MKTG 300 – Ch 2 – Flashcards
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The process of thoughtfully defining a firm's objectives and developing a method for achieving those objectives
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Strategic Planning
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What worked in the past, will not always work In The future. This requires firms to
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Modify their strategy
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Helps to ensure that marketers will select and execute the right marketing mix strategies to maximize success
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Strategic planning
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Primary strategic planning tool for directing and coordinating the marketing effort is the
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Marketing plan
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An action oriented document or play book that guides the analysis, implementation, and control if the firms marketing strategy
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Marketing plan
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A marketing plan is part if an organizations overall strategic plan which captures other strategic areas such as
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HR, operations, equity structure, and other non marketing items
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Marketing plans include
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Executive summary, situation analysis, marketing strategy, financials, and control
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A concise affirmation of the firms long term purpose
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Mission statement
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Ab effective mission statement provides employees with a shared sense of
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Ambition, direction, and opportunity
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Mission statements should focus on
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Limited # of goals
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The mission statement should be
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Customer oriented and satisfy customers needs and wants
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Mission statements should capture a
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Shared purpose and provide motivation for the employees if the firm
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Serves as the elevator pitch for the marketing plan and provides 1 to 2 page synopsis is the marketing plans main points
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Executive summary
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An executive summary provides a way for people to
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Quickly understand a firms strategies
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Executive summary should be completed
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Last
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Often considered the foundation of a marketing plan bc organizations must clearly understand their current situation to make strategic decisions about how to best move forward
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Situation analysis section
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The systematic collection of data to identify the trends, conditions, and competitive forces that have the potential to influence the performance of the firm and the choice of appropriate strategies
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Situation analysis
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The group of consumers or organizations that is interested in and able to buy a particular product.
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Market
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Describes the current state of the market
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Market summary
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Describes the strength and attractiveness of a market. Combines elements of market growth and market share
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The boston consulting group (BCG) matrix
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Products combine large market share with high growth rate
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Stars
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Products that have a large market share in an industry with low growth rates
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Cash cows
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Products with small market share in a high growth industry
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Question marks
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Products that have small market share in industries with low growth rates
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Dogs
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The SWOT analysis consists of
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Strengths, weaknesses, opportunities, and threats
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The internal considerations of a SWOT analysis are
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Strengths and weaknesses
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The external considerations of a SWOT analysis are
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Opportunities and threats
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Help a company achieve it's objectives
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Strengths
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May prevent or disrupt the firms ability to meet it's stated objectives.
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Weaknesses
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The firm may be able to capitalize on to meet or exceed it's stated objectives
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Opportunities
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May challenge the firms short and long term performance
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Threats
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Part of the market summary that should state a firms direct and indirect competitors
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Competition
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A set of actions taken to accomplish organizational objectives
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Strategy
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A successful marketing strategy
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Higher profits, stronger brands, larger market share, and other outcomes for stakeholders
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Quality marketing objectives have 3 basic characteristics:
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Specific, measurable, realistic
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The group of customers toward which an organization has decided to direct it's marketing efforts
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Target market
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A firm with multiple target markers that operates in 2 or more countries is called
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Multinational company
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The activities a firm undertakes to create a certain perception of it's product in the eye of the target market
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Positioning
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To position it's products, firms must take into consideration issues such as
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Competition, needs and wants of target market, and the element of mystique that the good has
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Strategies emphasize selling more if existing goods and services to existing customer
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Market penetration
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Strategies involve creating new goods and services for existing markets
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Product development
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Strategies seek to attract new customer by offering new products that are unrelated to the existing products produced by the organization
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Diversification
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The section of the marketing strategy that has a detailed description of what's being sold and anything that is accompanied with the good or service
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Product
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A product possesses _____ when it enjoys a superior position over competing products because consumers believe it has more value than other products in it's category.
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Competitive advantage
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Section of the marketing plan that details how an organization will communicate the value if it's products
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Promotion
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Section of the marketing plan that deceives how the firm will deliver value to it's customers. (Place of the marketing mix)
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Distribution
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Section of the marketing plan that specifies how much money customers must pay for the product and describes why that price was selected
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Pricing
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Overall profitability of both the product and the firm can be found in
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Financial section of marketing plan
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Provide those reading the plan with a bottom line estimate of the organizations profitability
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Financial projections
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Financial projections should contain
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Sales forecast, expense forecast, break even analysis
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Controls section of a marketing plan should include
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Implementation, organizational structure, and contingency planning
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Provides a detailed account of how the specific actions if the marketing plan will be carried out and who will be responsible for carrying them out
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Implementation section
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Helps hold specific departments and individuals responsible for the parts of the marketing plan that call under their control
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Organizational structure section
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Defines the actions the company will take if the initial marketing strategy doesn't achieve results
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Contingency planning section
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Selling domestically produced products to foreign markets
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Exporting
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What allows companies to engage customers around the world in a way that wasn't possible a decade ago?
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Social media
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Legal process in which one firm pays to use it distribute another firms resources
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Licensing
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A contractual agreement in which the franchise provides a franchisee the right the use it's name and marketing and operational support in exchange for a fee and a share if the profits.
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Franchising
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Domestic firm partners with a foreign company to create a new entity thus allowing the domestic firm to enter the foreign company's market
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Joint venture
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Requires a domestic firm to actively manage a foreign company or overseas facilities
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Direct ownership
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Should pay close attention to the implementation and accountability sections of a marketing plan because all work on a tight marketing budget
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Nonprofit organizations
